Virtual Reality Gaming Market

Global Virtual Reality in Gaming Market Overview:

Virtual Reality in Gaming Market Size was valued at USD 11.31 billion in 2023. Virtual reality in gaming industry is projected to grow from USD 11.84 Billion in 2024 to USD 17.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.70% during the forecast period (2024 - 2032). VR has improved the gaming experience by allowing gamers to enter their screens in real-time. The sector provides gamers with enticing virtual accessories that increase user engagement and immersive participation. Continuous advancements in existing technologies like motion tracking, 3D effects, and interactive visuals for attracting players are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Virtual Reality in Gaming Market Trends

Increase in Cloud Technology Integration with Virtual Reality in Games to drive market growth

Market players are using cloud technology to improve the gaming experience. Cloud technology allows for the alteration of gaming libraries as well as the storage of games for rapid access to user profiles. Furthermore, the technology provides a comprehensive set of capabilities, such as live streaming, infinite storage capacity, and linked devices, accelerating the future of the online gaming sector. Cloud computing lowers the requirement for expensive offline gaming Discs and drives. Many gamers are turned off by the expensive initial expense of purchasing high-end gaming equipment; however, this is no longer the case with recent advances in cloud computing technologies.

VR gaming incorporates a 3D environment that allows the user on a computing device to sense the physical presence in the game settings by using a mouse, touch screen, and other components. VR technology's many attachments, such as virtual reality headsets, wrap-around display displays, virtual reality rooms outfitted with wearable computers, and sensory components, allow gamers to interact, see and move about the items in the game setting. According to a global study of technology executives, startup founders, investors, and consultants, 59% predict gaming would dominate investment in the development of VR technology. Therefore, With the help of new developments, the virtual reality gaming area is increasing its professional worth. Players are becoming more aware of cutting-edge VR equipment such as headsets, bodysuits, and gloves, which have recently enhanced the virtual reality in gaming market CAGR across the globe for years.

The fast development of virtual reality peripherals, which compatible computers and gaming consoles will support, is expected to fuel market growth. With multiple firms entering the virtual reality gaming field, the business for wearable components such as Head-Mounted Displays (HMDs), bodysuits, motion trackers, gloves, and so on is expanding, another factor driving the growth of the virtual reality in gaming revenue.

Virtual Reality in Gaming Market Segment Insights:

Virtual Reality in Gaming Device Type Insights

Based on hardware, the global virtual reality in gaming segmentation includes headsets, glasses, devices, and gloves. Throughout the projection period, the headsets segment is predicted to increase at a faster CAGR of global virtual reality in gaming revenue. The rising usage of virtual reality headsets, as well as increased investment by hardware makers in creating new VR-compatible gaming devices, are the primary reasons driving the growth of this category. According to a global study of technology executives, startup founders, investors, and consultants, 59% predict gaming would dominate investment in the development of VR technology.

The controller's sector is predicted to increase at the fastest CAGR throughout the projection period. The software segment is predicted to increase at a lower CAGR throughout the projection period. The main obstacle impeding this segment's growth is a lack of a substantial content library. This category includes middleware, engines, tools and applications.

April 2022: Researchers at UTSA established the first global Accessibility VR Game Jam, open to gamers with impairments. Nevertheless, because of COVID-19, they pushed too hastily to transition the game jam to an online-only setting.

Virtual Reality in Gaming Compatibility Insights

Based on Compatibility, the global virtual reality in gaming segmentation has been segmented into MMOs, smartphones, casual web games, and consoles. Throughout the projection period, the Gaming Console segment is predicted to increase at a CAGR of 9.6%. The growing number of gamers and the availability of a wide range of gaming consoles are the primary drivers driving the expansion of this industry. The growing popularity of VR gaming among hardcore gamers and the increasing acceptance of VR gaming by PC or desktop gamers are the primary reasons driving the growth of this industry. Throughout the projected period, the smartphone market is estimated to develop at a CAGR of 33.3% in virtual reality in gaming industry. The expanding availability of VR-enabled smartphones and the growing popularity of mobile gaming are driving the expansion of this industry. Smartphones are the less expensive choice, and they are growing more powerful. Yet, because of their small size, they cannot deliver the same immersion as a PC/desktop.

Figure 1: VIRTUAL REALITY IN GAMING SHARE BY Compatibility (2022-2030)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Virtual Reality in Gaming Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific held the largest market share with 45.80% because of the Developing markets, such as India. South Korea, China, and Indonesia would all contribute to regional market expansion. According to ComScore MMX statistics, India, Indonesia, Japan, Australia, and other nations have the highest gaming audience and websites. This is fueling the region's market potential.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: VIRTUAL REALITY IN GAMING SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America virtual reality in gaming market accounts for the second-largest market share due to the emergence of fundamental technologies such as augmented reality (AB) and virtual reality, SG, 3D audio, enhanced graphics, and others, driving growth in this sector. In addition, significant firms such as Electronic Arts, Inc., Google LLC, Leap Motion, Inc., Facebook Technologies, LLC, Microsoft Corporation, and others in the area drive market growth. This region's players are concentrating on developing superior hardware and software. Moreover, China virtual reality in gaming market held the largest market share, and India's virtual reality in gaming market was the fastest-growing market in the region

The Asia Pacific Virtual Reality in Gaming Market is expected to grow at the highest CAGR from 2022 to 2030. Europe is predicted to develop considerably due to increased demand for virtual reality devices in gaming competitions in nations such as Germany, Italy, and Spain. These events are based on complex games with VR technology incorporated. Furthermore, in Europe, the authorities and large game organizers are working on launching various gaming events. This is anticipated to increase the region's market share. Moreover, China virtual reality in gaming market held the largest market share, and India's virtual reality in gaming market was the fastest-growing market in the Asia-Pacific region

For instance, in January 2020, In collaboration with the HTC Viveport China team, Virtuleap launched the Enhance VR brain training software in China. Improve VR provides a daily workout of mini-games that measure and develop various cognitive skills such as memory, problem-solving, flexibility, speed, motor skills, spatial orientation, and spatial audio awareness.

Virtual Reality in Gaming Key Market Players & Competitive Insights

Major market players spend a lot of money on research and development to expand their product offerings, which will spur further growth in virtual reality in gaming. With significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic initiatives to expand their global footprint. To grow and thrive in a market that is ever more competitive and growing, competitors in the biomarker testing industry must provide affordable products.

One of the most common business methods firms use in the global virtual reality in gaming industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, virtual reality in gaming industry has provided medicine with some of the most significant benefits. Virtual reality in gaming major players such as Google (U.S.), Electronic Arts Inc (U.S.), HTC Corporation (Taiwan), Newzoo (Netherlands), and others are working on expanding the market demand by investing in research and development activities.

HTC Corporation is a Taiwan-based electronics company best known for its virtual reality (VR) products, specifically the HTC Vive and Vive Pro VR headsets. These headsets are popular among gamers and offer a highly immersive gaming experience. The HTC Vive and Vive Pro VR headsets use room-scale tracking technology to provide an immersive gaming experience that allows players to move around and interact with their virtual environment. For Instance, in January 2023, HTC VIVE continued to push the frontiers of innovation, today introducing the VIVE XR Elite, its latest consumer flagship all-in-one. The headset combines Mixed Reality (MR) and Virtual Reality (VR) features into a compact, lightweight, powerful, and extremely adaptable device suitable for gaming, fitness, productivity, and other applications.

Also, Electronic Arts Inc. (EA) is a major player in the gaming industry that has been incorporating virtual reality (VR) technology into its games. EA is known for developing popular game franchises like FIFA, Madden NFL, and Battlefield, which have all received VR adaptations. EA's VR games offer players an immersive and realistic experience by allowing them to enter and interact with virtual environments. For Instance, the highly anticipated Medal of Honor Above and Beyond was unveiled by Electronic Arts' EA unit, Respawn Entertainment, in collaboration with Facebook FB Reality Labs' Oculus Studios team. The latest virtual reality (VR) entry in the Medal of Honor franchise offers twelve levels and five multiplayer modes designed specifically for VR.

Key Companies in virtual reality in gaming include

• Google (U.S.)

• Electronic Arts Inc (U.S.)

• HTC Corporation (Taiwan)

• Newzoo (Netherlands)

• SAMSUNG (South Korea)

• Kaneva (U.S.)

• LEAP MOTION INC. (U.S.)

• Sony Corporation (Japan)

• Oculus VR LLC (U.S.)

• VirZOOM Inc (U.S.)

• ZEISS International (Germany)

Virtual Reality in Gaming Industry Developments

In April 2024, Meta cooperated with Asus, Microsoft, and Lenovo in an effort to introduce their Horizon OS to the devices of other producers, with the hope of rivaling Apple, this time in the virtual and mixed reality market while advancing an open computing model.

In February 2024, Apple made their new mixed reality visor, the Apple Vision Pro, available to the market, and their arsenal included over one million applications, with six hundred of them exclusively designed for that visor. The Vision Pro flaunted a specialized interface for the end-user where they could use their eyes, hands, or voice to interact and it guaranteed a point where the screen, looking as though it were a 4K TV, would be more than capable of providing the end user a feeling of full immersion during games, entertainment and more.

In June 2023, Meta Platforms (META) rolled out a subscription service that features VR games, a tactical plan that was aimed at possibly diversifying its income. With regards to this strategy, subscribers are allowed to keep the games as long as their subscription to Meta Quest + is still active. Meta dubbed this subscription scheme the best value-added service to increase your collection of great content.

In February 2023, Sony Interactive Entertainment (SIE) published the global launch of the long-awaited Sony Playstation VR2 (PS VR2), a next-generation virtual reality (VR) headset designed for consumers. This headset features high-fidelity graphics, new sensory capabilities and enhanced tracking.

Virtual Reality in Gaming Market Segmentation:

Virtual Reality in Gaming Hardware Outlook

• Headsets

• Glasses

• Devices

• Gloves

Virtual Reality in Gaming Compatibility Outlook

• MMOs

• Smartphones

• Casual Web Game

• Console

Virtual Reality in Gaming Regional Outlook

• North America

  • US

  • Canada

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• Rest of the World

  • Middle East

  • Africa

  • Latin America

Virtual Reality in Gaming Market Segmentation

Virtual Reality in Gaming Hardware Outlook (USD Billion, 2019-2032)

• Headsets

• Glasses

• Devices

• Gloves

• Others

Virtual Reality in Gaming Compatibility Outlook (USD Billion, 2019-2032)

• MMOs

• Smartphones

• Casual Web Game

• Console

Virtual Reality in Gaming Regional Outlook (USD Billion, 2019-2032)

• North America Outlook (USD Billion, 2019-2032)

  • North America Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • North America Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • US Outlook (USD Billion, 2019-2032)

  • US Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • US Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • CANADA Outlook (USD Billion, 2019-2032)

  • CANADA Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • CANADA Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

• Europe Outlook (USD Billion, 2019-2032)

  • Europe Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Europe Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Germany Outlook (USD Billion, 2019-2032)

  • Germany Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Germany Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • France Outlook (USD Billion, 2019-2032)

  • France Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Other

  • France Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • UK Outlook (USD Billion, 2019-2032)

  • UK Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • UK Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • ITALY Outlook (USD Billion, 2019-2032)

  • ITALY Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • ITALY Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Spain Outlook (USD Billion, 2019-2032)

  • Spain Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Spain Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Rest of Europe Outlook (USD Billion, 2019-2032)

  • Rest of Europe Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Rest of Europe Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

• Asia Pacific Outlook (USD Billion, 2019-2032)

  • Asia Pacific Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Asia Pacific Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • China Outlook (USD Billion, 2019-2032)

  • China Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • China Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Japan Outlook (USD Billion, 2019-2032)

  • Japan Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Japan Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • India Outlook (USD Billion, 2019-2032)

  • India Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • India Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Australia Outlook (USD Billion, 2019-2032)

  • Australia Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Australia Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Rest of Asia Pacific Outlook (USD Billion, 2019-2032)

  • Rest of Asia Pacific Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Rest of Asia Pacific Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

• Rest of World Outlook (USD Billion, 2019-2032)

  • Rest of World Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Rest of World Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Middle East Outlook (USD Billion, 2019-2032)

  • Middle East Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Middle East Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Africa Outlook (USD Billion, 2019-2032)

  • Africa Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Africa Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console

  • Latin America Outlook (USD Billion, 2019-2032)

  • Latin America Virtual Reality in Gaming by Hardware

    • Headsets

    • Glasses

    • Devices

    • Gloves

    • Others

  • Latin America Virtual Reality in Gaming by Compatibility

    • MMOs

    • Smartphones

    • Casual Web Game

    • Console